Mar 21, 2013 4:00am EDT
the budget because the president and treasury secretary were worried about the long term deficit? does that sound familiar? at the exact same time, the fed tightened rates, doing what all the bears say bernanke should do, betting that inflation could rage and rage easily if the fed stayed easy, which is what his critics are saying he should do right now. but when we went down this road in 1937 it sent the economy into an amazing tail spin. causing a recession within a depression. it was an economic calamity that was totally avoidable if the people in power made different, smarter choices. especially the federal reserve. ben bernanke does not want history to repeat itself. he's not going down the path of what the fed did in 1937. he's not stupid. even though that's exactly the path unfortunately that the president and congress are taking. bernanke recognizes that obama and congress have repeated the errors of 1937 down to a tee. he can't let the fed's part in the drama be repeated. otherwise he'd go down as the fed chief who never got the economy going and put it back in a recession, a
Mar 19, 2013 11:00pm EDT
lack of frugality and washington's inability to do anything intelligent with our budget deficit. so the logical default currency is gold. we had a lull in european problems, but thanks to a lack of regulation -- how else did cyprus get so out of hand, especially if the same thing happened in iceland, the lull is over. i think this is one more reminder that rich europeans will switch from keeping euros in banks to keeping gold in deposit boxes. if you have no exposure to gold, buy some now. sure, most europeans may keep their money in the bank. they live there, that's their life. but the wealthy are looking to pull out money over time and the big beneficiary will be gold. amazingly, the european regulators can't help themselves. their incredible incompetence makes buying gold the easiest decision in the world. these idiots are the gift that clinches the gold buy every time they take action and this latest action may be the best when it comes to pushing gold higher than maybe since the reign of the former european central banker chief jean, "the fraud" trichet. stick with cramer.